Friday Free-for-all! December 2nd 2016

It’s the end of another work week, are you ready for the weekend?

It’s also time for another Friday Free-for-all, our regular end of the week news round up and open topic discussion thread, here are a few recent links to kick off the chat:

David Dodge calls for higher rates
Things probably pretty bad
A ‘disorderly’ correction for Vancouver & Toronto
CIBC exposure to real estate correction
Co-housing lite
Data: 2008-2015
BCREA: prices and sales to drop in 2017

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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oh la la
Guest
oh la la

Waiting for you Paul. Only reason I come here.

Bag it and tag it
Member
Bag it and tag it

sales yesterday were approx 120 according to Chipman.

oh la la
Guest
oh la la

thanks BITI. Any update on inventory #s?

history
Guest
history
BubbleTea
Guest
BubbleTea

“According to Vancouver Coastal Health, one in six babies born in Richmond are born to foreign mothers. These children will gain a lifetime of Canadian benefits, including automatic Canadian citizenship and free education when they turn five years old. Sometimes when hospital beds are full, local mothers are diverted to other hospitals.”
http://bc.ctvnews.ca/b-c-moms-turned-away-as-birth-tourism-spikes-at-hospitals-1.3150142#_gus&_gucid=&_gup=twitter&_gsc=k4XcApY
And they can sponsor their parents/grand parents when they get older.

Donald T
Guest
Donald T

Don’t be a racist, you forget what the CMHC top dog said yeaterday?

BubbleTea
Guest
BubbleTea

Can we label CTV News (and many other mainstream media) as racist as it had there!

space889
Member
space889

How many times are bears going to keep reposting the same stores? Race baiting at its finest!

These babies if they come here for the “vaunted” BC education, they will have to live here no? Which means they either buy and pay property tax which includes school funding, or pay rent and indirectly pays property tax. Along with sales taxes and local spending. Also these babies are now also potentially liable for lifetime of Canadian taxes too.

Also, to me, it’s really not that different from all those local kids who took the free K-12 education and then subsidized univ education and then promptly move to US for higher pay and never pay a cent in income tax here.

Combat roach
Guest
Combat roach

Apparently, your patrimonially altered mindset can’t fathom a scam and fraud, rather accepting it as a norm, in such blatant case of circumventing the immigration process in which, all other foreigners must qualify and pass rigorous requirements in order to become Canadians.

Shut It Down Already
Guest
Shut It Down Already

AI bot strikes again.

space889
Member
space889

How is it circumventing when it is precisely what the law allows and intends?

And I was wondering where that nefarious stink came from. Thought it was from Richmond compost at first. Now I know

Best place on meth
Guest
Best place on meth

Asshole still doesn’t know what race-baiting means, or even what racism actually is.

space889
Member
space889

Coming from an expert on race baiting and racism…

space889
Member
space889
You know what else is funny? People on this blog eviscerating Oracle for being a few months with his 8K inventory party predictions. Yet the same standards are not applied to bears own prediction of an epic RE crash that has been postpone year after year, while various excuses about how bears are still right keeps coming up. I do see frustrations getting to the bears and some bears are becoming ever more deranged. Some I guess have also given up and quiet bought and quit this board. The ones that did early seem to be happy and more normally adjust. The ones that probably bought in the last 2 years? No so much. But I guess I’m sure they will be so happy when the crash finally comes and they get to tell all those stupid relatives and friends… Read more »
West Coast Woman
Guest
West Coast Woman

It seems that the City of Vancouver has finally realized that allowing an FSR of .7 on all single family lots is not resulting in more affordable housing, but instead is making all older houses demolition bait.

They are currently doing a “character” home review to try to find ways to encourage the retention of pre-1940 character houses, but as part of that review are also looking to downzone all other single family lots by decreasing the FSR from .7 to .5 to encourage retention of those homes. See:

vancouver.ca/charactehomereview

West Coast Woman
Guest
West Coast Woman

Sorry for the mistake. The correct address is:
vancouver.ca/characterhomereview

West Coast Woman
Guest
West Coast Woman

One more try:
vancouver.ca/characterhomereview

space889
Member
space889
So how is keeping smaller homes on standard lots help with increase housing supply? Larger houses can at least have a basement suite, in-law suite that can be rented out, increasing rental supply. Decrease max house size means no suites. I don’t see how that helps with rental supply. Also, what’s this obsession with preserving all the old houses, most of which probably has reach end of expected life and should be demolished for new housing. Our houses are made out of wood, not concrete that can last hundreds of years. Also, progress means destroying the old. Otherwise, everything will be kept as it is with no new construction to take advantage of new tech, etc. True heritage should be preserve if society deemed it important enough to pony up the $$. If people in general aren’t willing to pay… Read more »
Newcomer
Member
Newcomer

Suites disincentivise building rental buildings because they lower rental demand (and hence rental prices). At the same time, they also increase land prices (because they allow purchasers to carry larger mortgages) which is also a brake on rental development. I would ban them outright.

patriotz
Member

Rental buildings aren’t built because condos can be sold for more money than can be received from rents, i.e. there’s a bubble.

The solution is lower prices, not higher rents.

space889
Member
space889

Do we have a rental housing glut problem in Vancouver?

Patiently Waiting
Member
Patiently Waiting

Too little too late. There were ways of increasing density and keeping some of the nicer heritage homes.

What is truly disgusting is how houses that could have stood for hundreds of years were replaced with ugly monstrosities that were sometimes even lower density. I’m so glad I don’t make it to the Westside anymore because what happened there is a crying shame.

Newcomer
Member
Newcomer

I’m surprised to hear that houses that have stood for hundreds of years are being replaced. Are you perhaps referring to some first First Nation long houses, or perhaps a heretofore unknown structure built by George Vancouver himself? 🙂

Patiently Waiting
Member
Patiently Waiting

“could have”

Newcomer
Member
Newcomer

Oh, get it. Future, not past. My bad.

Oracle
Guest
Oracle

Unnecessary post. You know what he meant.

Troll.

Newcomer
Member
Newcomer

Oops. Sorry. I didn’t realize we’d decided to limit ourselves to necessary posts.

I like your new signature line, by the way. Honesty always pays off.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Demand for free 2017 passes overwhelms Parks Canada website
http://www.cbc.ca/news/canada/parks-canada-free-discovery-passes-website-1.2752894

>>> don’t these ding dongs realize all these passes were likely scooped up by weasels looking to resell them?

history
Guest
history

Campsites are breeding grounds, im fairly certain CBC understands this.

bullwhip29
Guest
bullwhip29

SCMP: Mayor’s surprise over housing crisis is surprising
https://www.biv.com/article/2016/11/mayors-surprise-over-housing-crisis-surprising/

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

just out of curioslty, which company is willing to insure all these vacant units? most policies are not valid if property is vacant for more than 30 or maybe 60 days.

Shut It Down Already
Guest
Shut It Down Already

I don’t believe strata insurance is influenced by occupancy.

history
Guest
history
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

well, there’s Krusty…ear to ear smiles and pats on the back to all for a job well done

http://globalnews.ca/video/3103236/first-evergreen-line-train-rolls-out-from-tri-cities/

Boombust
Guest
Boombust

Gee, where is her sari, First Nations blanket or hard hat?

Boombust
Guest
Boombust

I wonder why those two First Nations were there banging away on drums? It’s not like they PAID for any of the new Skytrain line. After all, THEY don’t pay any taxes do they?

history
Guest
history

http://canadianmortgagetrends.com/canadian_mortgage_trends/2016/12/national-bank-shutters-broker-division.html

“Manulife is reportedly launching key balance sheet products, including a potential replacement for National’s equity-focused “net worth” mortgage.”

gotta luv it, unlimited ingenuity finding money to loan … oink

Brian Ripley
Guest

I have the November Vancouver, Calgary and Toronto Housing data and charts up now:
http://www.chpc.biz/

GTA has 1.0 x more Listings than VAN
GTA has 3.9 x more Sales than VAN
GTA has 3.7 x higher Monthly Absorption Rate than in VAN
VAN has 3.7 x more Months of Inventory than GTA
VAN SFD is valued 43% higher than a GTA SFD
10 year inflation rate of SFDs VAN: 133% GTA: 139%
VAN TH is valued 11% higher than a GTA T-House
VAN Condo is valued 15% higher than a GTA Condo
Annual Precipitation VAN:GTA = 2:1

Washington is “closer” to Toronto than Vancouver if that means anything.

No Money Down
Member
No Money Down

Not sure if this has been posted. Larry’s “Kitsilano BARGEN! ” at 2735 W 8th sold under ask.

$1,628,800

https://i.imgsafe.org/1f954c03ed.png

Boombust
Guest
Boombust

Thanks. I was wondering about that dump after it was pulled from Zolo.

yvr2zrh
Member
Lots of interesting stats coming out in past few days. Here’s an interesting one. . . How many of the foreign buyers that are paying the 15% foreign buyers tax are actually just completing on pre-sales where they are already up – say -20-40% from the purchase price – – such that the tax was something they could pay. When you look at the monthly property transfer statistics – some things really stand out. Say Richmond — look at October transfers compared to September. They are basically 400 units higher – which is really indicative of new-property completions – and not resale transactions. This means that the higher foreign buyers that are coming into the statistics are not actually an increase in foreign buyer activity – but just actually the timing of completion of new-builds- which were signed for pre-sale… Read more »
Newcomer
Member
Newcomer

Very useful observation. Thanks!

Bubbletea
Guest
Bubbletea
southseacompany
Member
southseacompany

Sunny headline for a rainy day:
“Vancouver home sales plunge 37% in November”

http://www.bnn.ca/vancouver-home-sales-plunge-37-in-november-1.622308

“Home sales in the Vancouver region totalled 2,214 in November, down 0.9 per cent from October and 37.2 per cent lower than November 2015 “

space889
Member
space889

How Vancouverites spend their money: Burlesque Dancer, Lawyer, Engineer, Muscian, Barrista

http://vanmag.com/tag/month-to-month/

Abdul Lahazi
Guest
Abdul Lahazi

Lawyer chick:
(“I’ve been looking for a one-bedroom investment for the past year. But with the market the way it is, I’m not so sure that’s the best idea anymore.”)

paulb
Member

New
101
Price Change
43
Sold
91

TI:8647

http://www.paulboenisch.com

oh la la
Guest
oh la la

thanks Paul. Missed you

Whoracle
Guest
Whoracle

Big drop in listings…. doesnt mean prices will go up… just means even MORE listings couldnt sell in the current market

Best place on meth
Guest
Best place on meth

Trumps first slap to china’s face was a beauty. What a great show of disrespect to a shithole that deserves none.

Next up, a state dinner for the Dalai Lama.

Bag it and tag it
Member
Bag it and tag it
Bubbletea
Guest
Bubbletea

Good for you Trump, and don’t forget about the 30% duty on the Chinese imports.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Maybe they’ll take retaliate by refusing to have their workers make Ivanka Trump’s designer label clothing any longer.

YVR
Guest
YVR

Could be a sign of things to come.

Shi Yinhong, an international relations professor at Renmin University in Beijing, said Mr Trump was sending a “very clear” message. “The US president-elect hates China and will encourage Tsai to resist pressure from the mainland,” he said.

https://www.ft.com/content/fd19907e-b8d4-11e6-961e-a1acd97f622d

history
Guest
history

FT fake news site

MLS watch
Guest
MLS watch

Walk across Westbrook Village (UBC, south of 16th av). Look at the tall concrete towers that were marketed for the foreign market. Hardly any light on in the early evening. Crates are building a fifth one. Meanwhile faculty cannot afford even a frame building condo.

patriotz
Member

It’s Wesbrook. I know this sounds like a spelling flame but it’s the name of one of UBC’s pioneering presidents and it should be spelled right out of respect. On the other hand he would probably be appalled to see what has happened to his university today.

Just me
Guest
Just me
Shame on you Justin! http://www.theglobeandmail.com/news/politics/trudeau-discussed-chinese-investments-at-fundraiser-host-says/article33200126/ A wealthy Vancouver businessman used a cash-for-access fundraiser at his home to lobby Prime Minister Justin Trudeau directly to allow Chinese investment in seniors’ care, relax immigration restrictions on financiers and make it easier for foreign real estate developers to plow money into Canada. Mr. Pan told The Globe in an interview that Mr. Trudeau was “approachable and friendly” when he raised the issues, including Chinese companies’ keen interest to invest in Canadian health care. Mr. Pan said he also urged the Prime Minister to make it easier for Chinese real estate developers to buy land in Canada. He mentioned Sunshine 100 China Holdings Ltd. and Evergrande Group, major property developers in China. Over a banquet of fish cakes and Wenzhou soup, Mr. Pan said, he also complained to Mr. Trudeau about how Ottawa treats… Read more »
Combat roach
Guest
Combat roach

JT must have strong stomach to seat and slurp the soup with those slimy scumbags let alone to take money from them. Disgusting…

Best place on meth
Guest
Best place on meth

This fucking cunt of a PM may as well be harvesting organs from political prisoners.

He has no shame just like the garbage he hangs out with.

franko
Member
franko

Shame would require the capacity to understand, a tall order for our Justin. That’s why he needs to rely on Gerald Butts, an unelected school buddy, for his marching orders.

StrataHacker
Guest
StrataHacker

Justin’s marching orders come from China. Dumb Canucks really are cool with high treason.

franko
Member
franko

OK, so Gerald Butts gets his marching orders from China.

Combat roach
Guest
Combat roach

Junior, watch and learn from experienced pros…

“Barack Obama blocks Chinese company’s purchase of US business; may spark tension in future”

http://www.newsx.com/world/48396-barack-obama-blocks-chinese-companys-purchase-of-us-business-may-spark-tension-in-future

Just me
Guest
Just me

Was just browsing Zolo. Truly depressing experience. I thought there would be sizable price reductions. We are still at peak insanity. Houses in Renfrew or South Van are still asking well over 1.7 millions. Is that the going rate? How do people pay for that? Who is buying?

Boombust
Guest
Boombust

Very few are buying, according to the recent stats. Give it time, vendors are still stuck on “old prices”.

Oracle
Guest
Oracle

Lol.

Wait till spring.

Boombust
Guest
Boombust

Lol.

YVR
Guest
YVR

“Houses in Renfrew or South Van are still asking well over 1.7 millions. Is that the going rate? How do people pay for that? Who is buying?”

Since those house are still listed and not sold clearly they are not priced at the going rate and people are not buying them. For the going rate look at the the houses that have sold (which is very few).

squeak
Member
squeak

Stand off. Sellers are gambling on winning the lottery. Buyers: time is on their side.
Personally I rather have 1.7 million in my pocket than a house that is costing in taxes, maintenance, time, effort in an iffy market. And once it accelerates down, I guess “go fund me” will pick up in activity – it would rhyme with the theme to get something for nothing.

StrataHacker
Guest
StrataHacker

It took about two years from the peak for prices to roll over hard in the US from 2005 to 2007.

Oracle
Guest
Oracle

Like I’ve been saying. Barely any price correction in the sub $1.3 million range.

history
Guest
history

Depressed from RE prices listed online? This will warm your c#ckles:
I know of a prime location condo on Van isle, listed for over $1Mil. But t call up the realtor, and the price is 17% less. Try it…but t you have to sound sincere, not like some ashat who shows up at the car dealership to joy ride.

bullwhip29
Guest
bullwhip29

Richmond firm New Coast Realty fined by Real Estate Council for unlicensed services
http://vancouversun.com/news/local-news/richmond-firm-new-coast-realty-fined-by-real-estate-council-for-unlicensed-services

Best place on meth
Guest
Best place on meth

That’s not even a slap on the wrist, they should have been shut down and the ringleader jailed and banned from doing business in the industry after his 20 year sentence.

The BC Real Estate Council is as corrupt as the crooks at New Coast.

Oracle
Guest
Oracle

The whole world has become corrupt. Join them or you’ll become roadkill.

Sad truth these days.

Abdul Lahazi
Guest
Abdul Lahazi

New Coast Realty sprang up out of nowhere about three years ago just when the Chinese speculators really came into the lower Mainland and NCR was set up to take advantage of the Asian influx. NCR has been in trouble many times for their dishonest sales practices and even for screwing over their own agents. NCR should absolutely be shut down immediately and the owners should be in jail.

franko
Member
franko

The owner has been in Canada for 11 years, but has been unable to pass the realtors exams because he cannot speak English.

WTF
Guest
WTF

$2.7 BILLION in sales – under fraudulent conditions & fined $7500.00? Disgusting.

Combat roach
Guest
Combat roach

Anything beyond that would be considered racially motivated and politically incorrect.

bullwhip29
Guest
bullwhip29

Vancouver rental incentive program hurting tenants, benefiting developers, experts say
http://globalnews.ca/news/3103720/vancouver-rental-incentive-program-hurting-tenants-benefiting-developers-experts-say/

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